ACE plunged 14.8% over the past 24h to $0.2312, with trading volume reaching as much as $494 million—placing it among the rare cases of massive sell-offs on the synchronized decliners list. The combined contract OI of 10 contracts totaled $48.52 million, yet in the last 24h it fell 17.32%. The rate at which open interest shrank was faster than the price decline, indicating this isn’t new shorting/adding to short positions—it’s panic-driven longs/positions being collectively closed and exiting.
Funding rates provide supporting evidence: among 14 exchanges, 13 turned negative; Binance -0.27%, gate -0.285%, bybit -0.231%, with only whitebit slightly turning positive at 0.005%. In other words, shorts are generally paying for their positions rather than enjoying a funding-rate tailwind. This looks more like panic liquidation than trend-following short selling.
The liquidation breakdown explains the short-term sentiment shift even better: over the last 24h, cumulative liquidations totaled $1.036 million, with longs accounting for 53.7%—roughly half. As the window tightens to 4h, shorts abruptly surged to 60.9% and took the lead. But in the most recent 1h, out of just $8,378, 99.6% of liquidations were long liquidations—short-term dip-buying longs are being repeatedly buried by limit sell orders, and the risk of catching the knife is still not gone.
Data source: coinboss.com/currencies/ACE real-time snapshot
Funding rates provide supporting evidence: among 14 exchanges, 13 turned negative; Binance -0.27%, gate -0.285%, bybit -0.231%, with only whitebit slightly turning positive at 0.005%. In other words, shorts are generally paying for their positions rather than enjoying a funding-rate tailwind. This looks more like panic liquidation than trend-following short selling.
The liquidation breakdown explains the short-term sentiment shift even better: over the last 24h, cumulative liquidations totaled $1.036 million, with longs accounting for 53.7%—roughly half. As the window tightens to 4h, shorts abruptly surged to 60.9% and took the lead. But in the most recent 1h, out of just $8,378, 99.6% of liquidations were long liquidations—short-term dip-buying longs are being repeatedly buried by limit sell orders, and the risk of catching the knife is still not gone.
Data source: coinboss.com/currencies/ACE real-time snapshot